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The Big Story
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Code of Conduct Bureau Opens Investigations Into Seven Over Offshore Assets
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Nigeria’s Code of Conduct Bureau (CCB) has opened investigations into seven people named in the Panama Papers and Pandora Papers, Premium Times reports, citing sources inside the bureau and an aide to its chairman. They are Peter Obi, the Nigeria Democratic Congress (NDC) presidential candidate; former Senate Presidents Bukola Saraki and David Mark; former Aviation Minister Stella Oduah; former Delta State Governor James Ibori; retired judicial officer Stella Ogene; and the late former Bayelsa State Governor Diepreye Alamieyeseigha. The leaks alleged that they held offshore companies or assets while in public office. Owning an offshore company is not illegal in itself, but public officers must declare their assets and may not run private businesses or keep foreign bank accounts. Obi has said he did not know jointly owned assets had to be declared. Premium Times first asked the bureau for an update in July, and in September it said the material was under review. It has no official spokesperson. If it finds breaches, it can prosecute at the Code of Conduct Tribunal. [Premium Times]
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What Else Is Happening
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Nigeria’s Only Ebola Patient Evacuated to Switzerland
Health Minister Muhammad Pate said Nigeria’s only confirmed Ebola patient and her husband, a contact, were flown to Switzerland on Monday. The World Health Organisation (WHO) said Nigeria now has no active case. Pate said the outbreak could be declared over as early as 7 December if no new case appears, after a 42-day countdown that the Nigeria Centre for Disease Control and Prevention (NCDC) and WHO must confirm. Any new case restarts it. [Premium Times]
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APC Youth Leader Deletes Video of Seven New Prado SUVs
Dayo Israel, national youth leader of the All Progressives Congress (APC), posted a video on Sunday of seven new 2026 Toyota Prado SUVs he said he gave to youth leaders to help mobilise voters for 2027. He deleted it about three hours later after Nigerians criticised the spending during economic hardship. The post did not say what the vehicles cost or who paid. One X user estimated over NGN1 billion, which is unverified. [Premium Times]
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INEC Puts Voter Register Online After Missing Deadline
The Independent National Electoral Commission (INEC) has put the preliminary voter register online at display.inecnigeria.org, days after missing the legal deadline to do so. The Electoral Act 2026 requires online publication as well as display at registration areas, which ran from 9 to 15 October. INEC says it is still processing claims and objections and will publish the final register on 15 December. The register lists 103.43 million voters. [Premium Times]
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Oyedele Targets Single-Digit Inflation Before End of 2027
Finance Minister Taiwo Oyedele told the 32nd Nigerian Economic Summit in Abuja on Monday that the government wants inflation, the rate at which prices rise, in single digits before the end of 2027. It was 14.63% in September, down from 15.39% in August, the fourth monthly fall this year. He said lower inflation could bring down borrowing costs of close to 30%. Nairametrics noted he gave no measures or timeline. [Nairametrics]
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Market Watch
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| FX |
The naira weakened slightly, with the official rate at NGN1,367.61 per dollar on 26 October, up 0.42% from NGN1,361.84 on 23 October, so a dollar costs a little more. Since 31 December 2025 (NGN1,475.00) the rate is down 7.28%, so the naira remains stronger year to date. [CBN]
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| Equities |
The NGX All-Share Index rose 1.65% (4,068.27 points) to 251,290.54 on 26 October from 247,222.27 on 23 October, after a small 0.13% dip in the week ended 23 October. Since 31 December 2025 (155,613.03) the index is up 61.48%. [NGX Group]
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| Macro |
Money sent home by Nigerians abroad through licensed transfer companies reached $1.57 billion in the second quarter, up 33% from $1.18 billion a year earlier and the highest quarterly total since at least 2019, Central Bank of Nigeria data show. April fell 14% year on year, but May rose 64% and June rose 99%. [Nairametrics]
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Quick Hits
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| → The Economic and Financial Crimes Commission (EFCC) arrested 14 Chinese nationals and one Nigerian on Friday at four illegal lithium processing plants in Ogere, Ogun State, announcing it on Monday. It recovered lithium-bearing rocks and a trailer truck, and says the suspects will be prosecuted. [Nairametrics] |
| → A Federal High Court in Abuja rejected former Kaduna State Governor Nasir El-Rufai’s plea that he has no case to answer, ordering him to enter his defence in his trial over alleged unlawful interception of National Security Adviser Nuhu Ribadu’s calls. He denies the charges. [Premium Times] |
| → Nigeria’s manufacturers added 81,174 jobs in 2025, up 133% on 2024, the Manufacturers Association of Nigeria (MAN) said. But hiring fell 71%, from 62,906 in the first half to 18,268 in the second, which MAN blamed on energy costs and loan rates above 30%. [BusinessDay] |
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On a Lighter Note
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Stella Oluwafunmiso graduated from the University of Ilorin with a 4.95 out of 5.00 grade point average and three top awards: best graduating student in Surveying and Geo-informatics, best in her faculty and best graduating woman in the whole university. She shared the news on X on 23 October. [Legit.ng]
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Why It Matters
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Money sent home by Nigerians abroad hit a record between April and June, and price rises have slowed four months running. Yet loans still cost above 30%, which factory owners say held back hiring in the second half of last year after a strong start. The finance minister wants inflation in single digits before 2027 ends so borrowing can cost less, but he offered no plan for getting there. On Sunday, seven new Prado SUVs were handed to party youth leaders for election work, and the post did not say what they cost or who paid. A court has told a former governor to answer charges, and seven public figures named in leaked documents are now under investigation over assets held abroad. Nigeria’s only Ebola patient has been flown to Switzerland, and the earliest the outbreak could be declared over is 7 December. Voting begins on 16 January, and the list of 103 million registered voters is now online, where anyone can look up their own name.
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Around the Community
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Wishing a very happy birthday to Deemaks, one of the best DJs in the world! To find out when he is playing in your city, follow GlobalAfrosound on Instagram. From all of us at Frontier Brief Media.
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Produced with AI assistance using open-source web content. Edited by Tomiwa Afolabi. Sources have not been independently verified by Frontier Brief Media. Readers are encouraged to consult original sources before acting on any information herein.
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